Post sensational concert, Beyoncé blamed for sudden inflation in Sweden
Global celebrities are known for breaking records, garnering a cult following, and being inspirational figures. However, in a probable first, singing sensation Beyoncé has been blamed for a surprise inflation in Sweden, following her uber-successful concert in Stockholm in mid-May. Her concert reportedly spiked the demand for hotels and restaurant meals, so much so, that it has now somewhat altered the nation's economy.
The demand to see 'Queen Bey' was sky-high
In May, Sweden's inflation stood at 9.7%, which was higher than expected. Michael Grahn, an economist at Danske Bank, linked this to her concert and told BBC, "I wouldn't...blame Beyoncé for [the] high inflation print, but her performance and global demand to see her perform in Sweden apparently added a little to it." This is her first solo tour in seven years.
The inflation figure was expected at around less than 8%
Per Financial Times, Sweden had expected the inflation figure to stand at 7.8%. Grahn further explained, "Beyoncé is responsible for the extra upside surprise this month. It's quite astonishing for a single event. We haven't seen this before." Per FT, "Sweden Statistics said restaurants and hotels added 0.3 percentage points to the May figure, while recreation and culture contributed 0.2 percentage points."
People from all over the world flew for her concert
The Crazy in Love singer played in Stockholm for two nights and witnessed a crowd of about 4,60,000 people. This included not just Sweden's natives but also fans from around the world, such as the US. Swedish currency Krona currently stands at 10.7SEK against $1, which made the tickets, accommodation, food, tourism, and everything else quite cheap due to Sweden's relatively weaker currency.
Now, singer Bruce Springsteen might have a similar impact
While Sweden is still grappling with this change, Andreas Wallström, head of forecasting at Swedbank, has expressed the possibility of Bruce Springsteen's upcoming June concert triggering a similar economic impact. Beyoncé is currently on her Renaissance tour and so far, she has performed in Brussels, Cardiff, Edinburgh, and London, with the next stops on her tour being the Netherlands, Poland, Canada, and the US.
